Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 50

50.(1) For the purposes of subsection 41(3), paragraph 42(1)(a) and
subsection 45(2), if:
(a) on a particular day (the "lodgment day"), the trustee of a
superannuation fund lodges an election under section 19; and

   (b)  the lodgment day is after the end of the fund's 1993-94 year of income
        and before 29 July 1994; and

   (c)  under the regulations, the fund is treated as if it had satisfied the
        transitional superannuation fund conditions at all times during the
        period
(the "pre-lodgment period"):

        (i)    beginning at the beginning of the fund's 1994-95 year of
               income; and

        (ii)   ending at the end of the lodgment day; the fund is taken to be
               a regulated superannuation fund at all times during the
               pre-lodgment period. Excluded superannuation funds

(2) For the purposes of subsection 41(3), paragraph 42(1)(a) and subsection 
45(2) , if:
(a) on a particular day (the "lodgment day"), the trustee of an excluded
superannuation fund lodges an election under section 19; and

   (b)  the lodgment day is after the end of the fund's 1993-94 year of income
        and before whichever is the earlier of:

        (i)    1 January 1995; or

        (ii)   the beginning of the fund's 1995-96 year of income; and

   (c)  under the regulations, the fund is treated as if it had satisfied the
        transitional superannuation fund conditions at all times during the
        period
(the "pre-lodgment period"):

        (i)    beginning at the beginning of the fund's 1994-95 year of
               income; and

        (ii)   ending at the end of the lodgment day; the fund is taken to be
               a regulated superannuation fund at all times during the
               pre-lodgment period. Public sector superannuation schemes

(3) For the purposes of subsection 41(3), paragraph 42(1)(a) and subsection 
45(2) , if:
(a) on a particular day (the "lodgment day"), the trustee of a
superannuation fund, being a public sector superannuation scheme, lodges an
election under section 19; and

   (b)  the lodgment day is after the end of the fund's 1993-94 year of income
        and before:

        (i)    1 July 1995; or

        (ii)   such later date as the Commissioner allows; and

   (c)  under the regulations, the fund is treated as if it had satisfied the
        transitional superannuation fund conditions at all times during the
        period
(the "pre-lodgment period"):

        (i)    beginning at the beginning of the fund's 1994-95 year of
               income; and

        (ii)   ending at the end of the lodgment day; the fund is taken to be
               a regulated superannuation fund at all times during the
               pre-lodgment period. Special circumstances

(4) For the purposes of subsection 41(3), paragraph 42(1)(a) and subsection 
45(2) , if:
(a) on a particular day (the "lodgment day"), the trustee of a
superannuation fund lodges an election under section 19; and

   (b)  the lodgment day is:

        (i)    after 28 July 1994; and

        (ii)   before whichever is the earlier of:

                (A)  1 January 1995; or

                (B)  the beginning of the fund's 1995-96 year of income; and

   (c)  the trustee satisfies the Commissioner that, because of special
        circumstances, this subsection should apply in relation to the fund;
        and

   (d)  the trustee has complied with such requirements relating to notifying
        members of the fund about:

        (i)    the delay in lodging the election; and

        (ii)   the reasons for the delay in lodging the election; as are
               specified in regulations made for the purposes of this
               paragraph; and

   (e)  under the regulations, the fund is treated as if it had satisfied the
        transitional superannuation fund conditions at all times during the
        period
(the "pre-lodgment period"):

        (i)    beginning at the beginning of the fund's 1994-95 year of
               income; and

        (ii)   ending at the end of the lodgment day; the fund is taken to be
               a regulated superannuation fund at all times during the
               pre-lodgment period. Regulations may apply OSS system

(5) Regulations made for the purposes of paragraph (1)(c), (2)(c), (3)(c) or
(4)(e) may:

   (a)  confer functions or powers on the Commissioner; and

   (b)  make provision for or in relation to a matter by applying, adopting or
        incorporating, with such modifications as are prescribed, the
        provisions, or the repealed provisions, of:

        (i)    the Occupational Superannuation Standards Act 1987; or

        (ii)   regulations made for the purposes of section 7 of that Act;
               (including those provisions as they continue to apply, despite
               their repeal, because of the
               Occupational Superannuation Standards Amendment Act 1993).
               Section 49A of the Acts Interpretation Act 1901

(6) Subsection (5) of this section does not limit the application of section
49A of the Acts Interpretation Act 1901 to regulations made for the purposes
of this section.